Use graphical approximation techniques or an equation solver to approximate the desired interest rate. An employee opens a credit union account and deposits $110 at the end of each month. After one year, the account contains $1324.06. What annual nominal rate compounded monthly has the account earned? The annual nominal rate is %. (Round the final answer to two decimal places as needed. Round all intermediate values to six decimal places as needed.)

Use graphical approximation techniques or an equation solver to approximate the desired interest rate. An employee opens a credit union account and deposits $110 at the end of each month. After one year, the account contains $1324.06. What annual nominal rate compounded monthly has the account earned? The annual nominal rate is %. (Round the final answer to two decimal places as needed. Round all intermediate values to six decimal places as needed.)

Excel Applications for Accounting Principles

4th Edition

ISBN:9781111581565

Author:Gaylord N. Smith

Publisher:Gaylord N. Smith

Chapter27: Time Value Of Money (compound)

Section: Chapter Questions

Problem 1E

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